Yahoo says “No thanks, Steve”
In a quick response to Steve Ballmer’s threat of a proxy fight and hostile takeover of Yahoo by Microsoft, the Yahoo top brass have sent a rejection. The details can be read at this link.
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Yahoo’s letter was not, in my view, one of rejection of the Microsoft deal but rather simply asks Microsoft to raise the ante. A quote from the letter:
“At the same time, we have continued to make clear that we are not opposed to a transaction with Microsoft if it is in the best interests of our stockholders. Our position is simply that any transaction must be at a value that fully reflects the value of Yahoo!, including any strategic benefits to Microsoft, and on terms that provide certainty to our stockholders.”
Regards,
Joel